MidFirst Bank Makes New $1.74 Million Investment in On Holding AG $ONON

Key Points

• MidFirst Bank disclosed a new position in On Holding AG, buying 37,369 shares in the fourth quarter worth about $1.74 million.
• Insider activity has been mixed but notable: CEO Martin Hoffmann sold 4,150 shares, while CEO Caspar Felix Coppetti bought 60,000 shares for about $2.2 million. Over the last 90 days, insiders have been net buyers of the stock.
• On Holding reported strong quarterly results, with EPS of $0.46 beating estimates and revenue of $1.04 billion slightly above expectations, while analysts maintain a Moderate Buy consensus with a $55.05 average target price.

MidFirst Bank bought a new position in On Holding AG (NYSE:ONON - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The firm bought 37,369 shares of the company's stock, valued at approximately $1,737,000.

A number of other institutional investors also recently bought and sold shares of ONON. Kovitz Investment Group Partners LLC raised its holdings in shares of ON by 1.2% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 131,358 shares of the company's stock worth $6,106,000 after buying an additional 1,590 shares during the last quarter. Invesco Ltd. lifted its stake in shares of ON by 25.0% during the fourth quarter. Invesco Ltd. now owns 196,385 shares of the company's stock worth $9,128,000 after buying an additional 39,295 shares during the period. Corient Private Wealth LLC grew its holdings in shares of ON by 35.7% during the fourth quarter. Corient Private Wealth LLC now owns 29,310 shares of the company's stock valued at $1,338,000 after buying an additional 7,713 shares during the last quarter. Alberta Investment Management Corp acquired a new position in shares of ON in the 4th quarter valued at $1,683,000. Finally, Mercer Global Advisors Inc. ADV increased its position in shares of ON by 59.9% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 14,413 shares of the company's stock valued at $663,000 after acquiring an additional 5,399 shares during the period. 36.39% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Martin Hoffmann sold 4,150 shares of the business's stock in a transaction on Monday, April 27th. The shares were sold at an average price of $35.84, for a total value of $148,736.00. Following the completion of the transaction, the chief executive officer directly owned 1,385,099 shares in the company, valued at $49,641,948.16. The trade was a 0.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Caspar Felix Coppetti purchased 60,000 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were purchased at an average cost of $36.64 per share, for a total transaction of $2,198,400.00. Following the completion of the acquisition, the chief executive officer directly owned 2,375,855 shares of the company's stock, valued at $87,051,327.20. This represents a 2.59% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have bought 180,000 shares of company stock valued at $6,594,000 and have sold 20,750 shares valued at $745,838. Company insiders own 68.57% of the company's stock.

ON Stock Up 2.9%

Shares of ONON stock opened at $38.82 on Friday. On Holding AG has a twelve month low of $31.41 and a twelve month high of $55.95. The stock has a market cap of $24.77 billion, a P/E ratio of 41.74, a P/E/G ratio of 0.73 and a beta of 2.10. The stock has a 50 day moving average of $37.01 and a 200 day moving average of $41.60. The company has a current ratio of 2.98, a quick ratio of 2.39 and a debt-to-equity ratio of 0.26.

ON (NYSE:ONON - Get Free Report) last released its quarterly earnings data on Tuesday, May 12th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.35 by $0.11. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. ON had a return on equity of 15.72% and a net margin of 7.92%.The business's quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.21 EPS. As a group, sell-side analysts expect that On Holding AG will post 1.47 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ONON. Weiss Ratings raised ON from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, May 12th. Telsey Advisory Group cut their price objective on ON from $60.00 to $51.00 and set an "outperform" rating on the stock in a report on Wednesday, May 13th. Raymond James Financial upgraded ON from an "outperform" rating to a "strong-buy" rating and set a $52.00 price objective for the company in a research note on Thursday, April 23rd. Needham & Company LLC decreased their target price on ON from $52.00 to $45.00 and set a "buy" rating for the company in a report on Tuesday, May 12th. Finally, Barclays dropped their target price on ON from $57.00 to $46.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 13th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, ON currently has an average rating of "Moderate Buy" and a consensus target price of $55.05.

About ON

On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.

On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.

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